Has anybody taught a close relative how to trade?

Quote from LoveMySystems:

I agree with Brandonf on this one. Yes, those of us who actually turn a profit in trading know that college is a poor investment of time, attention, money, blah blah blah when they could be learning the ropes and blowing out their papertrading accounts a few times while you teach them what it's all about... But rich kids have no perspective of what non-traders do to make a living, and when kids are endowed by their parents with the ability to make wealth without going to college and working a job FIRST, there is less appreciation for what they've got in trading.

Personally, I didn't get much out of my Master's Degree other than a way to chain myself to a desk for life...

I'm just saying that I've seen rich kids from birth and I've seen kids who were taught how to get rich by their parents and it is far better to learn how the others live before dumping money, or the means to earn wealth, onto them as youths. If part of the legacy you want to leave your kids is how to live, not just how to make money, then you must let them learn by living as others do before you bless them with the gift (at least the best opportunity) of wealth. Otherwise, you have a snotty, snobbish posterity that won't even want you around when you get old. Not my idea of legacy.
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He is already going to have a pretty cushy life and I have done more than enough to assure that will happen. I just dont see how he will have the determination and grit it takes to trade when his idea of a tough time is if the pool man is taking too long and he wants to cool off. I wouldnt wish poverty on him or anyone else, esp having gone through it myself as a child, it was terrible, but I do credit it with alot of the success I have had as an adult (along with a lot of my "problems" to I suppose)

Im not someone that really cares what my kids do, as long as they actually work a real job I guess..but like I said when I think of my ideal trading is definatly noplace on the list.
 
My great grandfather bought a seat on the CBOT for 25 bucks about 125 years ago. Since then, at least half of our family has either traded, or been married to traders. You might say that trading is in our family's blood. My cousin got me started in 1972-73 when he was a runner(I was in high school) and we bought beans on the big run up. While we did well on that trade, the mistress of the markets managed to get all that money back. It was a lesson well learned. Other uncles and cousins mentored me when I started trading full time during grad school.

I'm glad that my son has absolutely no interest in trading whatsoever, because I don't think he has the temperment for handling risk. He's a Latin and Greek scholar, and that suits both of us well.

Jeff
 
Oh c'mon Brandonf. Poverty isn't that bad. I grew up poor too. My parents were a couple of those fortunate souls who bought their starter home in '82 when "home ownership would never be affordable again, so you should just go ahead and get a 16% mortgage." Combine that with $100K in medical debt that the insurance company weaseled out of, and you can image the situation for a young couple with 3 kids and the father still in school working the night shift.

We went for long periods of time when all they had for us to eat was bottled green beans and oatmeal. You know what I mostly remember about those times? Home much I really liked green beans!!

Point is, poverty is what you make it. It's like the fat kid who never realizes that he's fat until someone tells him. Then he's miserable. Poverty is only poverty if you've got someone much more wealthy to compare to.

Anyway, I agree that sending your kid to school won't make him wealthy, but countless studies have shown that the average person with a degree makes a lot more than the average person without. People who make it big without a degree are the exception these days, making up less than 5% of all "wealthy" households.

I don't care whether my kids want to be entrepreneurs, CEOs, or stay at home moms, they will go to school. And that is coming from someone who hates school and abhors the structure of our higher education system.

Also, just because I'm wealthy doesn't mean that my kids are. They will work their way through college just like I did, and once they're done they can ask me to get in on a piece of the action.

I regards to teaching family how to trade. You can teach them, but it takes a certain kind of person to trade successfully. IMO, less than 1 out of 1,000 people is cut out for professional trading.
 
Quote from Cache Landing:

Oh c'mon Brandonf. Poverty isn't that bad. I grew up poor too. My parents were a couple of those fortunate souls who bought their starter home in '82 when "home ownership would never be affordable again, so you should just go ahead and get a 16% mortgage." Combine that with $100K in medical debt that the insurance company weaseled out of, and you can image the situation for a young couple with 3 kids and the father still in school working the night shift.

We went for long periods of time when all they had for us to eat was bottled green beans and oatmeal. You know what I mostly remember about those times? Home much I really liked green beans!!

Point is, poverty is what you make it. It's like the fat kid who never realizes that he's fat until someone tells him. Then he's miserable. Poverty is only poverty if you've got someone much more wealthy to compare to.

Anyway, I agree that sending your kid to school won't make him wealthy, but countless studies have shown that the average person with a degree makes a lot more than the average person without. People who make it big without a degree are the exception these days, making up less than 5% of all "wealthy" households.

I don't care whether my kids want to be entrepreneurs, CEOs, or stay at home moms, they will go to school. And that is coming from someone who hates school and abhors the structure of our higher education system.

Also, just because I'm wealthy doesn't mean that my kids are. They will work their way through college just like I did, and once they're done they can ask me to get in on a piece of the action.

I regards to teaching family how to trade. You can teach them, but it takes a certain kind of person to trade successfully. IMO, less than 1 out of 1,000 people is cut out for professional trading.
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I think it probably depends upon the level of poverty you live with. We did not have hot water or heat, except from the wood burning stove, until I was in 4th grade. Everything we ate came from the garden and turkey's we raised. I had a fine life at home with a supportive family, and when the other kids would make fun of me for being poor my brothers would often times beat the shit out of them so I didnt have to put up with it very much, but it still leaves an impact if you live through it for your entire childhood.
 
Quote from Brandonf:

I agree with most of that. Discipline, tenacity and the ability and think and believe big will take you very far in life, even without the benefit of a degree. I myself dropped out and have done well, so I know its possible. However, there is no reason to make things harder on him than they need to be, so I do hope he gets a degree. I will also do whatever I can do discourage him from becoming a trader, but in my own sons case its more because I dont think it fits his personality very well, if I thought it did I might (or might not) have a different opinion on the matter.
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You are a good father. You have just saved your son from mental torture. It's better and much safer for your kids to go the academic route.
 
Quote from Cache Landing:



Also, just because I'm wealthy
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I never heard a wealthy person say this, and I know quite a few

a sure sign that you live in a small pond, or are fibbing


which is it?.
 
Quote from Scalper007:

You are a good father. You have just saved your son from mental torture. It's better and much safer for your kids to go the academic route.
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True. With a degree he will be assured at least a mediocre job. IMO it's not worth the money and time you spend. If you don't go with the desire to simply learn for the sake of learning then it's pretty much wasted on you and the only reason for going is the one I just mentioned.

I'm 21 and do plan on going back to school just because I love to learn. But I first want to accomplish my goals financially, and frankly school and money just aren't connected very tightly...at least not as much as they used to be.

American kids are falling way behind in schooling and it's no wonder. You take classes that are completely ridiculous when compared to what you want to do, it's expensive, and the only reward is grades (doing what your told), which in my book isn't that useful in business (and i have started a couple). I love education. I love learning. But the college system is fucked. I'm sorry, but there really is no other way to put it. I have 2 friends that are lawyers and surprisingly they agree with me! We talked it over and the conclusion we came to is this: Unless you go to college with the desire to learn just for the sake of learning it is almost completely wasted on you. I'm not an expert on education, but something really needs to be done. I made 6 figures last year. How much money will I be making when my college friends graduate? I don't know, but it will likely be more than they can expect to make at peak in their chosen professions. That's simply not fair, and that's not how it should be. I didn't go because I was taught that success=money (in high school), and making money is what I want to do.

I used to think i was alone in thinking this way, but when people 10 years older than me who have gone through 8+ years of college start to agree, something needs to be done. If you want be to go further into why I didn't go, I certainly can, but you get the point.
 
Getting an education isn't just about making money. A liberal arts education liberates one's mind, helps one to think for himself, and broadens the mind.

I would not give up my education for a million dollars. I don't think I can put a price on it, frankly.

And as for my children, if they want to trade, they will have to finish college first.
 
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